Stories for December 2015

Brazil's state-run oil company Petrobras will have to agree to extract at least 900 million barrels more of oil and natural gas equivalent from its Marlim and Voador offshore oil fields to win early renewal of its concession rights, oil regulator ANP said.

A Brazilian federal court has ordered BHP Billiton and Vale to set aside US$ 491.5 million, with the possibility of billions more, has frozen the mining giants' assets in the country, and ordered it to carry out extensive environmental and social work in the region hit by a dam burst at its joint venture.

The Argentine government of president Mauricio Macri started a round of negotiations with big price setters as part of its bid to keep prices under control despite the recent devaluation of the peso. Domestic Trade Secretary Miguel Braun and Central Bank Governor Federico Sturzenegger met with the top representatives of the Argentine Chamber of Commerce (CAC) and representatives from medium-sized companies, who asked for cheap credit in exchange for the government’s goal of keeping prices in check.

Brazil's economy will shrink 3.6% this year and inflation will come in at 10.8%, according to a Central Bank report released Wednesday. The bank expects a continued recession in 2016, albeit with a less severe contraction of 1.9%, and an inflation rate of 6.2%.

In another attempt to display unity and consensus on 'State objectives' policy, Argentina's foreign minister Susana Malcorra welcomed six of her predecessors for lunch and a “frank” exchange of points of view on Argentina’s foreign policy.

After Spain's elections on Sunday left the ruling Popular Party and president Mariano Rajoy well short of an absolute majority, Italian Prime Minister Matteo Renzi argued this showed Europe does not want austerity, and those who apply them, even successful, are knocked out politically.

Spanish Prime Minister Mariano Rajoy suffered a first major setback in his bid to stay in office as the Socialists refused Wednesday to back his attempt to form a new government following an inconclusive general election. Rajoy's conservative Popular Party won the most ballots in Sunday's vote but lost its absolute majority in the 350-seat lower house of parliament, taking just 123.

Brazil’s new finance minister, Nelson Barbosa, continued his effort to win over investors on Tuesday reiterating that the government of president Dilma Rousseff will maintain the same fiscal policies intended to shrink the budget deficit and cut debt that were favored by his predecessor.

Malvinas Islands sovereignty claim is a “State objective”, and Argentine diplomacy “will do everything possible to reach a political consensus to design a State strategy” underlined Argentina's Deputy foreign minister Carlos Foradori during an open debate on the 50th anniversary of the UN General Assembly Resolution 2065

Brazilian President Dilma Rousseff said on Tuesday that her opponents' bid to impeach her has no legal basis since there are no charges against her. At the opening of a metro station in the northeastern city of Salvador, Rousseff said a country cannot resort to impeachment just because it does not like its president, and said Brazil should focus on restoring economic growth and creating jobs.